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GE Healthcare, a division of General Electric Company (GE - Free Report) , is planning a $2 billion-worth investment over the next five years in software development. GE Healthcare, in collaboration with GE Software Center of Excellence, will develop new software solutions for better diagnosis and improved care.

This investment by GE Healthcare is focused on advancing current and future technology offerings through the convergence of machine and intelligent data known as the Industrial Internet. GE will be providing data, analytics, connectivity and insight into operational and departmental processes and workflows.

Healthcare organizations face productivity challenges and this investment aims to be a solution for those problems. With this investment, the company will be able to improve hospital operations, resort to better clinical effectiveness and optimize care across entire populations. This will further help in reduction of costs by optimizing the work flow and being more organized with payment cycles; thus making patient information universally accessible.

GE Healthcare offers a broad portfolio of products and services that redefine patient care. The company has a proven expertise in diverse healthcare segments such as medical imaging and information technologies, medical diagnostics, patient monitoring systems, drug discovery, biopharmaceutical manufacturing technologies, performance improvement and performance solutions.

General Electric is one of the most diversified technologies and financial service corporations in the world. Its segments include Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Home & Business Solutions, and GE Capital.

General Electric currently has a Zacks Rank #3 (Hold). Other stocks that look promising and are worth a look now are Compass Diversified Holdings (CODI - Free Report) , Hutchison Whampoa Ltd and ITTCorporation (ITT - Free Report) each carrying a Zacks Rank #2 (Buy).

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